The Philippines' Robinsons Retail Holdings Inc has cut the value of its planned listing at least a fifth because of weak market conditions, offering shares at 55 pesos to 66 pesos each, down from a previously indicated maximum of 86.64 pesos per share.
In what could still be the country's biggest initial public offering this year, the supermarket and department store operator now expects to raise up to 33.5 billion pesos ($777 million) from an offer of up to 484.75 million new shares, including over-allotment options.
Robinsons Retail, controlled by a unit of the JG Summit Holdings conglomerate, had initially planned to raise as much as 42 billion pesos from the IPO.
Weak market conditions brought on by uncertainties surrounding the United States economy first forced the company to delay the sale, and eventually lower the maximum offer price.
The price range was announced at a briefing in Manila by Maybank ATR Kim Eng Partners Inc, the sole domestic underwriter for the issue. The final price will be announced on Oct. 24.
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